Stonebridge Partners, LLC is the Registered Investment Advisor representing affiliated investment partnerships known collectively as Stonebridge Partners, LLC, (“Stonebridge”, “Stonebridge Partners” or the “Firm”). Stonebridge Partners is equally owned by William Connors and Stephen Hanna. Since its inception in 1986, Stonebridge Partners has been the General Partner of three predecessor Funds, Stonebridge Partners Equity Fund, LP, Stonebridge Partners Equity Fund II, LP, and Stonebridge Partners Equity Fund III, LP, and is the current General Partner for Stonebridge Partners Equity Fund IV, LP (“Fund IV”). The three predecessor Funds have liquidated all investments as of 2011 and have been dissolved. Fund IV is fully invested and being actively managed to achieve targeted performance goals; it is not contemplating additional investments and is closed to new investors. Stonebridge Partners has also sponsored investments outside of its Funds, in either co-investment partnerships which have invested alongside its Funds, or as standalone investment vehicles not associated with any Fund investment. The Firm does not advertise to or solicit contributions from the general public. Stonebridge Partners provides discretionary investment advisory services through private fund investments. Stonebridge Partners acquires privately held companies through management buyouts in the "lower middle market" segment of manufacturing and distribution companies as well as companies in packing and service industries in the continental United States. Stonebridge Partners targets transaction values of $30 million to $200 million. Stonebridge Partners does not invest in or provide investment advice on publicly

traded securities. Stonebridge Partners tailors its services to the specific investment objectives of each Fund as outlined in the confidential private fund offering documents, limited partnership agreements and/or subscription documents, (“private fund documents”). Investors should refer to each Fund’s private fund documents for the specific objectives and restrictions for each Fund. Stonebridge Partners’ investment criteria includes the following: Company Size Up to $200 million of revenue Ownership Control, or joint-control with co-investors Transaction Types Stonebridge will consider a variety of transaction types and structures, customized to each situation and the unique goals of the business owner. These include:
• Core companies based in the United States; greater geographic flexibility with add-on acquisitions
• Majority recapitalizations
• Corporate carve-outs
• Management-led buyouts (MBOs) Industries Niche manufacturing, service and distribution businesses. Desired Characteristics
• Compelling customer value proposition
• Differentiated product / service
• Leadership in a well-defined geography or industry niche
• Opportunities to accelerate growth, often via share gain
• Exceptional management
• Skill sets aligned with the company’s next stage of growth Motivated by retained or performance-based equity ownership As of December 31, 2023, Stonebridge Partners, LLC has regulatory assets under management, defined as equity investments at fair market value plus debt, of approximately $139,386,421 in discretionary assets. Stonebridge Partner’s does not provide any non-discretionary advice.